By Douglas A. Gray
The e-book may hide the entire key assistance that any residence shopper must understand. it'll achieve this within the layout of one hundred and one assistance (or so), segmented lower than a number of headings. it'd be Canadian in content material and fill a huge unmet want available to buy. the next sections are directions (see additionally the proposal); ultimate content material judgements may be made among writer and editor. part 1: Why Is a house correct for Me? part 2: house ideas and rules part three: Financing a purchase order part four: The house buy part five: deciding to buy to take a position Appendixes: assets of data Key web pages Checklists thesaurus
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Extra info for 101 Streetsmart Condo Buying Tips for Canadians
It should not be confused with an agreement for purchase and sale. An agreement for sale is normally used in a situation wherein the buyer of the property does not have sufﬁcient funds for a down payment and the vendor wishes to dispose of the property. In an agreement for sale, the vendor ﬁnances the purchase of the property in a fashion similar to that of a vendor-back mortgage. The purchaser, though, does not become the legal owner of the property until the agreement for sale has been paid in full.
Total Debt Service Ratio (TDS Ratio) Many people have monthly ﬁnancial obligations other than paying a mortgage and taxes, and lenders want to know what these are in order to determine someone’s ability to debt-service a mortgage. Using the TDS Ratio, the bank would want to know your ﬁxed monthly debts such as credit card payments, car payments, other loans, and condominium maintenance fees. In general terms, no more than 40% of your gross family income can be used when calculating the amount you can afford to pay for principal, interest, and taxes, plus your ﬁxed monthly debts.
The difference between the amount that the condominium could be sold for and what you still owe on your mortgages is referred to as your equity. The quicker you pay down your principal, the more equity you will have. Take advantage of options that allow you to reduce principal outside of regular payments. Tip #24: Know the Fine Print Before You Sign Most mortgage documents are in ﬁne print and are fairly detailed. Do not assume that all mortgage documents are the same. The only way you can fully understand your mortgage contract is to have a competent and experienced real estate lawyer review it and interpret the key areas for you.
101 Streetsmart Condo Buying Tips for Canadians by Douglas A. Gray